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I have not followed the development of lossyWAV closely. In my understanding it is a kind of pre-processor that takes out some information from the audio file that is unlikely to be heard anyway. After that you can use your favorite lossless encoder to encode the pre-processed WAV and reach better compression.

How does this compare to Wavpack lossy and Optimfrog Dualstream qualitywise? Is it on pair with those or is it superior/inferior? It is my understanding that lossyWAV uses the same concept as Wavpack or Dualstream (correct me if I am wrong).

I have not followed the development of lossyWAV closely. In my understanding it is a kind of pre-processor that takes out some information from the audio file that is unlikely to be heard anyway. After that you can use your favorite lossless encoder to encode the pre-processed WAV and reach better compression.

How does this compare to Wavpack lossy and Optimfrog Dualstream qualitywise? Is it on pair with those or is it superior/inferior? It is my understanding that lossyWAV uses the same concept as Wavpack or Dualstream (correct me if I am wrong).

lossyWAV rounds lower significant bits to zero. This adds white noise to the audio. The level of the added noise has been pre-calculated for each bit removed. The number of bits to remove is determined by processing the results of overlapping FFT analyses of at least 2 different lengths (64 samples and 1024 samples by default). The quality settings take the processed FFT results and make the processor remove more or less bits dependent on internal settings. --quality 5 is generally accepted to be transparent. It should be stated clearly now that lossyWAV is pure variable bitrate: different audio will result in a different lossless encoded bitrate for the same --quality setting (in a similar way that the lossless audio files encoded losslessly may have different bitrates).

I cannot comment on comparison with Wavpack and Optimfrog as to my knowledge no direct comparison has been carried out.

It should be stated clearly now that lossyWAV is pure variable bitrate

perhaps a better way to word it would be that lossyWAV is variable bit depth. just a thought. again amazing work, and the change in v1.0.1 with the processing of individual channels... brilliant. i can't wait to see how it changes the bitrates (post flac of course, lest i be caught in my own trap), and of course it should be higher quality in some cases.